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Woodside Petroleum oil and gas exploration summary

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Report summary

Woodside has steadily expanded its global exploration portfolio since 2013. Its new look prospect inventory is weighted towards oil, with increased exposure to frontier and emerging plays. Exploration is focused on 1) extension of core material gas prone regions in Australasia and Asia-Pacific; 2) expanding its footprint in oil prone under-explored plays in Latin America and the Atlantic Margin; 3) building a portfolio in oil prone unexplored/under-explored emerging plays in Sub-Sahara Africa. LNG-expansion led drilling over the decade failed to prove up volumes for a second train. The exploration plans for 2017 and 2018 encompass wells in Australia, Asia and Africa.

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Table of contents

    • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
    • Upstream strategy
    • Exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
  • Reserves and resources
  • Production
    • Pluto expansion driving value erosion
    • Value creation from international exploration has been elusive

Tables and charts

This report includes 23 images and tables including:


  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production from new field discoveries and as a proportion of all future production
  • Executive summary: Image 1
  • Net active exploration acreage by water depth
  • Net active conventional exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Full cycle value creation by year
  • Exploration returns by year
  • Costs and development value by reserve category
  • Exploration returns by water depth


  • Discoveries (2007 to 2016)
  • Full-cycle economics
  • Ten year performance summary
  • SWOT grid
  • Gross conventional exploration & appraisal wells by basin and sector

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